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OTHER PERCENTAGE TAX (Self-Test) GCC October 2017

Use the following information for the next two items


Aling Nena is the owner of a small variety store. Her gross sales in any one year do not exceed PhP 1,919,500. She is not
VAT-registered. The following were taken from the books of the variety store for the quarter ended March 31, 2017:

Merchandise inventory, December 31, 2016 PhP 100,000


Gross Sales 450,000
Purchase from VAT-registered suppliers 350,000

1. The percentage tax due is


A. PhP 10,000 B. PhP 13,500 C. PhP 16,500 D. None
2. Assume that the expected gross sales and collection of Aling Nena at the beginning of the 2017 is the same with the actual
gross sales and collection for the first quarter of 2017. It is also expected at the beginning of 2017 that the gross sales and
collections will increase by 30% each quarter. The percentage tax due for the quarter ended March 31, 2017 is
A. PhP 10,000 B. PhP 13,500 C. PhP 16,500 D. None

3. In the third quarter of 2017, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed
PhP 1,919,500 has the following data:
Accounts receivable, beginning of the quarter PhP 50,000
Sales during the quarter 100,000
Accounts receivable, end of the quarter 75,000
Purchase of supplies, total invoice amount 11,200
The percentage tax due is
A. PhP 2,250 B. PhP 3,000 C. PhP 7,500 D. PhP 6,500

Use the following information for the next three items


Mega Star Company, operates a ferry boat. During the particular quarter, its receipts consist of the following:
Gross receipts: (without VAT)
Case 1 Case 2
Transport of passengers PhP 1,000,000 PhP 500,000
Transport of goods 1,500,000 750,000
Transport of cargoes 500,000 250,000
4. For Case 1, the common carrier’s tax payable is
A. PhP 30,000 B. PhP 90,000 C. PhP 100,000 D. P0

5. Using Case 1 data, the output VAT is


A. PhP 360,000 B. PhP 90,000 C. PhP 100,000 D. PhP 240,000

6. Using Case 2 data, the output VAT is


A. PhP 45,000 B. PhP 90,000 C. PhP 100,000 D. P0

Use the following information for the next two items

PUV Corporation is a holder of franchise to operate transportation units on land. The records for the month show (net of
any tax):
Cargo Passenger
Gross Receipts from transporting PhP 2,0 00,000 PhP 3,000,000

VAT Supplier Non-VAT Supplier


Payments to PhP 800,000 PhP 300,000
7. The percentage tax due is
A. PhP 150,000 ` B. PhP 60,000 C. PhP 90,000 D. PhP 144,000
8. Using the preceding number, but the franchise is for air and sea transport, within the Philippines, the VAT due is
A. PhP 144,000 ` B. PhP 600,000 C. PhP 468,000 D. PhP 504,000
9. Using the preceding number, but the route is from the Philippines to foreign country, which of the following is correct?
A. The corporation is exempt from VAT
B. The corporation is subject to percentage tax
C. The output VAT is 0, hence the corporation cannot claim input tax
D. May claim a refund or credit the input taxes against other internal revenue taxes
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10.A person whose business is to keep automobiles for hire or keep them stored for use or order
A. Keepers of garage B. Common Carrier C. Taxicab operators D. Tourist bus operator

11.Which of the following statements is incorrect?


A. A taxpayer whose annual gross receipts/sales exceed PhP 1,919,500 shall pay VAT only if he is VAT registered
B. A taxpayer whose annual gross receipts/sales do not exceed PhP 1,919,500 but who is VAT-registered shall pay VAT
C. Excise tax maybe imposed together with VAT
D. Percentage tax maybe imposed together with excise tax

12.One of the following is subject to common carrier’s tax


A. Owners of banca C. Common carriers by land for transport of goods or cargoes
B. Owners of animal drawn two wheeled vehicles D. Common carriers by land for transport of passengers

13.Which of the following statements is incorrect about Transport Network Companies or TNCs (e.g., UBER, GRAB, etc.)?
A. TNC is a pool of land transportation vehicles whose accessibility to the riding public is facilitated through the use of a
common point of contact (e.g., text, telephone and/or cellular calls, email, mobile applications).
B. Both the TNC and each of their partners have the obligation to secure the required ATP OR and register books of
accounts (either manual books or CAS and/or its components including e-Invoicing System).
C. If the payment of the passenger is made to the TNC and the TNC pays its partners, the TNC shall issue non-VAT OR if
it is not a holder of a valid and current Certificate of Public Convenience issued by the LTFRB.
D. If the payment of the passenger is made to the Partner without a valid and current CPC and the Partner pays the TNC,
the Partner shall issue either a VAT OR if it is a VAT-registered taxpayer or a non-VAT OR if it has not exceeded the
threshold of P1,919,500 and has not opted for VAT registration.

14.The franchise tax of grantees of radio and television broadcasting whose annual gross receipts of the preceding year do not
exceed PhP 10,000,000 shall be
A. 2% of the gross receipts C. 4% of the gross receipts
B. 3% of the gross receipts D. 5% of the gross receipts

15.One of the following is not subject to the 3% percentage tax


A. International air carrier doing business in the Philippines
B. International shipping carrier doing business in the Philippines
C. Domestic carriers and keepers of garage
D. Franchise grantee of electric utilities

16. Franchise grantees of city gas and water utilities are subject to franchise tax of
A. 2% ` B. 3% C. 4% D. 5%

17. Amounts received for overseas dispatch, message or conversations originating from the Philippines are subject to
A. 3% franchise tax C. 2% franchise tax
B. 10% overseas communication tax D. 12% VAT

18. A tax on the right or privilege to enter places of amusement


A. VAT ` B. Franchise Tax C. Amusement Tax D. Income Tax

19. One of the following is not subject to amusement tax on gross receipts
A. Disco houses ` B. Cockpits C. Professional Basketball D. Bowling Alleys

20.All of the following except one are liable to pay the ½ of 1% stock transaction tax. Which one is not?
A. Individual taxpayers, whether citizen or alien C. Estates and trust
B. Corporate taxpayers, whether domestic or foreign D. Dealers in securities
Use the following information for the next two items

PKI Insurance Corporation, a domestic corporation, received the following premiums (net of any tax):

Insurance
Life Fire Marine
Cash received PhP 400,000 PhP 300,000 PhP 200,000
Promissory notes 100,000
Totals PhP 500,000 PhP 300,000 PhP 200,000

21.The amount subject to percentage tax is


A. PhP 400,000 ` B. PhP 500,000 C. PhP 900,000 D. PhP 1,000,000
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22.The output tax is


A. PhP 36,000 ` B. PhP 24,000 C. PhP 60,000 D. PhP 120,000

23.Which of the following is subject to 2% premium tax?


A. Premiums collected or received by any branch of a domestic corporation doing business outside the Philippines on
account of any life insurance where the insured is a nonresident, if any tax on such premium is imposed by the foreign
country where the branch is established.
B. Premiums collected or received on account of any reinsurance, if the insured, in case of personal insurance, resides
outside the Philippines, if any tax on such premium is imposed by the foreign country where the original insurance has
been issued or perfected.
C. Portion of the premiums collected or received by the insurance companies on variable contracts, in excess of the
amounts necessary to insure the lives of the variable contract owners.
D. Re-issuance fees and other income which are incidental to or in connection with the insurance policy

24.Y, is a holder of franchise to sell electricity. In a particular, its gross receipts amounted to PhP 2,000,000 from sale of
electricity. It has also receipts from the lease of its auditorium and theater amounting to PhP 600,000.

The percentage tax due for the quarter is


A. PhP 40,000 ` B. PhP 60,000 C. PhP 100,000 D. None

25. Coco operates a cockpit. Inside the cockpit, he also operates a restaurant. Data for the particular quarter follow

Gross receipts: (without VAT)


Cockpit Operations PhP 500,000
Restaurant Operations
Sale of foods 100,000
Sale of liquor 150,000

The amusement tax due from Coco is


A. PhP 90,000 ` B. PhP 135,000 C. PhP 225,000 D. PhP 75,000

26.Using the above data, except that the restaurant is not owned by Coco but is owned by another person, Yassi, not VAT
registered and whose annual gross sales never exceeded PhP 1,919,500.

The amusement tax due from Coco is


A. PhP 90,000 ` B. PhP 135,000 C. PhP 225,000 D. PhP 75,000

27.Continuing the preceding number, the percentage tax due from Yassi is
A. PhP 90,000 ` B. PhP 135,000 C. PhP 225,000 D. PhP 7,500

28.A, a resident citizen, promoted a world boxing championship in Manila featuring B, a Filipino champion. Gate receipts
amounted to PhP 3,000,000 and additional receipts from TV coverage was PhP 2,000,000.

The amusement tax due is


A. None ` B. PhP 500,000 C. PhP 300,000 D. PhP 900,000

29. Assuming that the above data is not a world championship but a Philippine national boxing championship, how much is
the amusement tax?
A. None ` B. PhP 500,000 C. PhP 300,000 D. PhP 900,000

30.A is a radio-tv broadcasting franchise grantee. During the preceding year, its gross receipts did not exceed PhP 10,000,000.
During the first quarter of the current year, it has the following data:

Gross receipts, sale of airtime PhP 2,000,000


Gross receipts, use of radio station’s communication facilities 500,000
Business Expense 700,000

The franchise tax due for the first quarter is


A. PhP 60,000 ` B. PhP 40,000 C. PhP 75,000 D. PhP 39,000
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Use the following information for the next two items

A horseracing enthusiast has the following winnings during a particular racing day
Total winnings (winner take it all) PhP 10,000
Cost of winning tickets 500
31.The tax on winning is
A. PhP 1,000 ` B. PhP 400 C. PhP 950 D. Zero

32.Using the data above, but the total winnings came from double bet, the percentage tax on winnings is
A. PhP 1,000 ` B. PhP 400 C. PhP 950 D. 380

33.A domestic corporation paid PhP 40,000 stock transaction tax on Initial Public Offering (IPO) of 500,000 shares. After the
IPO, there were 800,000 shares outstanding. The selling price of IPO per share was
A. PhP 10 ` B. PhP 8 C. PhP 4 D. PhP 2

34.ABC Corporation, a closely held corporation has an authorized capital stock of 1,000,000 shares with a par value of
PhP 100/share as of January 1, 2017. Of the 1,000,000 authorized shares, 250,000 thereof is subscribed and fully paid by
the following stockholders:

A 150,000
B 50,000
C 25,000
D 12,500
E 12,500
Total Shares Outstanding 250,000

On March 1, 2017, ABC Corporation finally decides to conduct an IPO and initially offers 250,000 of its unissued shares
to the investing public at PhP 150.00/share. At the IPO, two of existing shareholders, A and B likewise decided to sell their
entire 150,000 and 50,000 shares respectively to the public also at PhP 150/share.

a. The percentage tax due for the primary offering is


A. PhP 375,000 ` B. PhP 750,000 C. PhP 1,500,000 D. PhP 0

b. The percentage tax due for the sale of A’s shares is


A. PhP 225,000 ` B. PhP 450,000 C. PhP 900,000 D. PhP 0

c. The percentage tax due for the sale of B’s shares is


A. PhP 75,000 ` B. PhP 150,000 C. PhP 300,000 D. PhP 0

35.Later, on August 1, 2017, another stockholder C, sold his 25,000 shares to the public subsequent to the IPO at
PhP 200/share. The percentage tax due is

A. PhP 25,000 ` B. PhP 50,000 C. PhP 100,000 D. PhP 200,000

36. Using the preceding number, on September 1, 2017 ABC Corporation again decides to increase capitalization by offering
another 300,000 of unissued shares to the public at PhP 200/share consequently bringing the total issued shares to
800,000 shares, the percentage tax due is
A. PhP 600,000 ` B. PhP1, 200,000 C. PhP 2,400,000 D. PhP 0

37. A Realty Corporation in the course of business sells real property. During the month of January 2017, it had the following
data per sales document (VAT excluded):

Cash Sales PhP 800,000


Sales on installment payment basis (initial payment is 25% of the 500,000
selling price)

The real property sold for cash had a zonal value of PhP 700,000 (excluding VAT) and the property sold under the
installment payment basis had a fair market value of PhP 600,000 (excluding VAT). How much is the output
VAT/percentage tax on the sale of real property?

A. PhP 101,000 ` B. PhP 114,000 C. PhP 108,000 D. PhP 156,000


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38. A, provided the following data for the 1 st quarter of the year 2017:
Gross receipts:
Taxi 1, Plying Manila PhP 100,000
Taxi 2, Plying Manila 80,000
Taxi 3, Plying Provincial routes 70,000
Taxi 4, Plying Provincial routes 60,000

Bus 1, Plying Manila (25 seater) PhP 100,000


Bus 2, Plying Manila (55 seater) 150,000
Bus 3, Plying Provincial routes (50 seater) 180,000

Car for hire with chauffeur PhP 100,000


Car for hire, without chauffeur 40,000

Jeepney 1, Plying Manila PhP 100,000


Jeepney 2, Plying Manila 60,000
Jeepney 3, Plying Provincial routes 50,000
Jeepney 4, Plying Provincial routes 30,000

The composite price index for 1978 = 6.38; 2014 = 174.60


a. The total percentage tax due for the taxis PhP_______________
b. The total percentage tax due for the buses PhP______________
c. The total percentage tax due for the cars for hire PhP____________
d. The total percentage tax due for the jeepneys PhP___________

39.LAS Corporation is a common carrier operational several units of transportation by land, air and sea. It had the following
data on gross receipts for the month of April (tax not included):

From To Land Air Sea


Cargoes Passenger Cargoes Passenger Cargoes Passenger
Phils. Phils. PhP 400,000 PhP 1,000,000 PhP 800,000 PhP 1,000,000 PhP 1,600,000 PhP 1,000,000
Phils. Abroad PhP 1,400,000 PhP 1,800,000

Determine the VAT/percentage tax due for the month.

40.A Company engaged in stockbrokerage and dealership in securities provided the following data for the 2 nd quarter of 2017

Commission received PhP 150,000


Commission uncollected but earned 250,000

Stock transactions are (VAT excluded):

Gross receipts: (without VAT)

Transport of passengers Price Cost


A Stock PhP 500,000 PhP 350,000
B Stock 600,000 500,000
C Stock 800,000 650,000

Supplies bought PhP 88,000, VAT included

a. The percentage tax due is


b. The VAT of A is